Title II of the JOBS Act recently passed its second birthday, which makes it an opportune time to take a look at the sector to date, as well as attempt to chart where it is going.

The Floodgates Didn’t Exactly Burst Open

Over the course of the past two years, nearly 5,600 companies have sought capital publicly, and nearly 1,400 succeeded in raising money, according to Crowdnetic, which aggregates data from 18 equity crowdfunding platforms.

This success rate of about one in four companies is similar to the success rate in the offline world. These companies raised more than $600 million combined, averaging about $447,000 per company. While these numbers sound impressive, only a tiny percentage—2%—of money raised from accredited investors has been raised via equity platforms using 506(c) in 2014.

What’s Holding Equity Crowdfunding Back?

Several reasons have contributed to equity crowdfunding’s slow start, but many are fading out of rear-view as the movement gains momentum.